Sběratel.com

April 20, 2023
News: Tough market as prices continue to decline amid slow demand. US buyers distracted by Passover and Easter holidays and tax deadlines. China slow, but Hong Kong continues to improve: Chow Tai Fook FY4Q retail sales +14%; Luk Fook FY4Q same-store sales +83%. Greater caution in melee than a month ago. Rough prices weak on secondary market as polished production levels remain below capacity. India March polished exports -33% to $1.6B, rough imports -19% to $1.7B. Petra Diamonds FY3Q sales -52% to $68M due to Williamson mine shutdown, despite firm March tender prices. Mountain Province 1Q sales +42% to $95M. Sotheby’s HK sells $50M. Signet Jewelers predicts 4Q engagement boom.

Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.


United States:

Dealer market quiet. Businesses focused on meeting April 18 tax deadline and lacking urgency to purchase. Engagement ring segment slightly down, with slow demand for 1 ct., F-I, VS-SI, 3X goods. Signet Jewelers anticipates bridal reawakening in 2H. Elongated ovals, emeralds and cushions remain the strongest category.


Belgium:

Activity very slow, with growing concern over prolonged market quiet. Pockets of stability in certain niche categories such as fancy colors and fancy shapes. Dealers cautious about raising inventory of commercial-quality rounds. Some optimism for GemGenève show taking place from May 11 to 14. European luxury driving stable high-end demand.


Israel:

Gradual return to trading after Passover break. Sentiment weak as some firms have missed their 1Q sales targets. Companies using downtime to assess market conditions and plan for 2H. Select categories of fancies selling well, with shortages also supporting prices. 1Q polished exports -36% to $838M, rough imports -42% to $287M.


India:

Market lull due to decline in US and Chinese sales. Steady demand from local jewelers. Fancy shapes moving better than rounds. Rising appetite for non-certified diamonds in below-1-carat goods as manufacturers seek to save on grading costs. Inventory relatively high for this time of year. Manufacturers hesitant to raise polished production levels.


Hong Kong:

Trade cautious since March Hong Kong shows. Chinese buyers restrained despite opening of borders. Local retail boosted by return of tourist traffic; mainland China sluggish. Steady demand for 0.30 to 1 ct., D-J, VS-SI diamonds. Gold jewelry outperforming gem-set as gold prices climb.

April 27, 2023
News: Diamond market quiet. US demand sluggish as jewelers reduced inventory purchases amid slowdown in engagement ring sales. Trade hoping Vegas shows will raise activity for 2H. Niche suppliers optimistic for GemGenève as European luxury sales are robust. Kering 1Q revenue +2% to $6.6B, boosted by “outstanding” jewelry. Rough trade cautious ahead of May sight. De Beers 1Q production flat at 8.9M cts., sales volume +23% to 9.7M cts. Diavik mine 1Q production -4% to 954K cts. Letšeng 1Q sales -30% to $37M, average price -22% to $1,431/ct. Tiffany & Co. reopens renovated flagship New York store. US sanctions 52 entities for funding Hezbollah terror group via diamond and luxury sales.

Fancies: Fashion driving appetite for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and slipping in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.


United States:

Sentiment down amid lower demand. Retailers focused on memo supply to avoid owning inventory during period of uncertainty. Selective interest, with fancy shapes selling well, particularly elongated ovals, emeralds and cushions. Fancy-color diamonds steady. Signet notes engagement ring gap ahead of summer wedding season; expects bridal turnaround from 4Q.


Belgium:

Quiet trading with fewer deals than usual for this time of year. Sluggish demand for 1 to 2 ct., G-J, VS-SI stones as engagement ring sales dulled since Covid-19. Dealers preparing for GemGenève show (May 11-14), with optimism for high-end segment. Rough buying slow ahead of next week’s De Beers sight (May 2-5). Many categories are selling at a discount on the secondary market.


Israel:

Activity limited over Independence Day holiday. Caution due to muted US and Chinese markets. Focus is on the US market ahead of June 1 Las Vegas shows, but demand is selective. Dealers lack urgency and have reduced purchases to minimum. Widening price gap between bulk inventory purchases and specific trades.


India:

Concern about decline in bulk orders, with low expectations for coming months. Dealers focused on specifics, cherry-picking top-quality goods. Melee market fell from a month ago. Optimism for China despite sluggish recovery. Small- to medium-sized manufacturers maintaining low production levels, with reduced rough demand ahead of next week’s De Beers sight. Large sightholders gaining market share and streamlining sales via strong online presence.


Hong Kong:

Dealer trading has slowed since the initial boost from reopening of the Chinese border in February. Chinese buyers cautious due to economic uncertainty on the mainland. Chinese jewelry manufacturing below capacity. Hong Kong retail boosted by improved tourist traffic but still below pre-pandemic levels. 2022 polished imports up 3% to $14.8 billion, exports rise 1% to $13 billion.

RAPAPORT
Market Comment

June 15, 2023
News: Diamond markets under pressure. US luxury jewelers doing well, but middle markets over-inventoried and seeing slow sales. Signet share price down 17% over past week after advisory reflecting market slowdown. US inflation drops to 4% in May and Federal Reserve freezes interest rates, easing economic concerns. Major HK brands recovering, but overall Chinese demand slow. Chow Tai Fook sales +38% in April and May as tourists return. Okavango sells $101M of rough in June at lower prices after withdrawing goods in May. Cushion, 10.57 ct., fancy-vivid-purplish-pink, IF diamond fetches $34.8M ($3.3M/ct.) at Sotheby’s NY.

Fancies: Fancy-shape market slower than before but better than rounds. Elongated Ovals, Emeralds and Radiants are strongest items. Goods with medium and short ratios weak. Demand for Cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.


United States:

Jewelry market mixed. Economic uncertainty affecting buying in low- to mid-income demographics. Luxury sector strong due to increased discretionary spending among wealthy Americans. Signet says drop in bridal orders likely to affect higher price points. Growing demand for synthetics in bridal is greatly damaging US natural-diamond sales. Steady interest in fancy-shape, 3 ct.+, H-I, SI diamonds.


Belgium:

Dealers returning from Las Vegas report positive sales of high-end items but weak market for commercial goods. Clients only buying to fill specific orders. Price declines not yet boosting activity; US and China demand slow. Expectations for September recovery. Rough sector assessing impact of lower supply following cancellation of recent De Beers auction and Petra Diamonds tender.


Israel:

Sentiment low amid softening prices. Las Vegas shows had minimal positive impact. Dealers only purchasing when there is confirmed demand from a customer.


India:

International demand down. Local markets supporting trade. US and Chinese buyers not placing larger orders. 0.50 to 3 ct. diamonds slow, especially in lower colors and clarities. SI goods losing steam. Well-cut fancies moving better than rounds. Manufacturers have reduced production.


Hong Kong:

Activity still sluggish amid weak mainland economy. Resumption of travel has had limited effect. Smaller dealers preparing to take early summer vacation. Steady appetite for 1 ct., D-J, VS diamonds in local and mainland markets. Chinese suppliers have increased their inventory ahead of summer sales season. Low expectations for small-scale Jewellery & Gem Asia Hong Kong show (June 22 to 25). Trade optimistic that situation will improve in time for international September fair.

RAPAPORT
Market Comment
June 22, 2023
News: US and Chinese demand for polished above 0.30 ct. weak and causing slowdown in 0.75 ct. and larger rough. Indian manufacturers focusing on small, low-value and synthetic goods to keep factories running. Inexpensive natural melee diamonds doing better than expected as Rapaport June melee auction sells $6.2M (93% of lots). India Prime Minister Modi gives 7.5 ct. synthetic diamond to Jill Biden. De Beers offers 1 to 2 ct. synthetic diamond engagement rings at $800-$1,500/ct., raising concerns in industry. De Beers June sales -32% to $450M following price drop in larger sizes. US Census Bureau reports May retail sales +0.3%. Low expectations for HK show. India May polished exports -18% to $1.7B, rough imports -19% to $1.2B.

Fancies: Fancy-shape market slower than before but better than rounds. Longer Ovals, Pears, Radiants and Cushions fetching higher prices than shorter stones. Goods with medium and short ratios weak. Demand for Cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.


United States:

Jewelry sales slow. Economic data fueling hopes of improvement: Consumer sentiment up 8% in June after inflation eased and lawmakers reached debt-ceiling deal, University of Michigan reports. Signet’s shares seeing moderate recovery but still down 10% in past two weeks. De Beers’ launch of synthetic engagement rings signals lab-grown is taking market share.


Belgium:

Trading very quiet. High-end demand supporting sector; sales to US mid-market have slumped. Rough dealers benefiting from Indian manufacturers’ rush to process small, cheap goods. De Beers’ move into lab-grown engagement rings prompting concern.


Israel:

Market cautious. Buyers highly selective amid uncertain global demand. Sales of 1 ct. diamonds down due to sluggish US bridal segment.


India:

Activity slow. Manufacturers keeping workers busy with smaller rough since polished above 0.30 carats is hard to sell. Overall production capacity at about 50%; profit margins are thin. Some movement in melee. Pears, marquises and ovals are best performers amid low demand for rounds. Domestic market bolstering sector following drop in US and China orders.


Hong Kong:

Weak Hong Kong and China demand is weighing on business. Jewellery & Gem Asia Hong Kong show not expected to offer much of a boost, as overseas buyers are absent. Steady appetite for 1 ct., D-H, VS (3X, none) diamonds in local market. Slow economy in run-up to summer vacation means jewelry manufacturers working at 50% capacity.

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RAPAPORT
Market Comment
June 29, 2023
News: Trading slow. Weak demand for 0.25 ct. and larger polished is leading to price declines. Focus on memo. Jewelers limiting inventory and buying for specific orders. US seasonally quiet ahead of summer vacation. Mixed outlook as American job market improves, but Federal Reserve warns it could raise interest rates at July and September meetings. Muted activity at small Hong Kong show; few overseas buyers present. US sanctions four gold and diamond companies and one individual that have supported Russia’s Wagner military group. Rough market under pressure as deadline approaches for De Beers-Botswana deal. Birks FY sales -10% to $124M; loss of $5.7M vs. profit of $1M a year earlier.

Fancies: Fancy-shape market slower than before but better than rounds. Longer Ovals, Pears, Radiants and Cushions fetching higher prices than shorter stones. Goods with medium and short ratios weak. Demand for Cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.


United States:

Weak demand in most segments. Melee supporting market; 0.30 ct. and larger slow. Retailers requesting memo instead of buying for stock amid uncertain trading conditions. Consumer confidence index rose 7% in June as outlook for business and employment improved, The Conference Board reports.


Belgium:

Sentiment down as demand and prices fall. Concerns about impact of lab-grown. Reports of meager trading at June Hong Kong show. Rough sluggish due to drop in polished orders; sales of 3-grainers and smaller supporting market.


Israel:

Little activity in bourse. Lull in global demand impacting mood. Falling prices making sales difficult. Reduced production has created a shortage of quality goods.


India:

Market quiet, with buyers only purchasing for specific orders. Fancy shapes outperforming rounds. Businesses struggling to manage costs. Some optimism for July recovery. Production still low as manufacturers contend with thin profit margins. Lab-grown seeing steady movement in 1 ct. and larger.


Hong Kong:

Trading at Jewellery & Gem Asia Hong Kong show slow but in line with expectations. Few overseas buyers in attendance. Weak demand likely to continue until September Jewellery & Gem World fair. State of local economy impacting retail sales. Mainland sluggish but seeing some movement in 0.30 to 1 ct., D-J, VS-SI (3X, none) diamonds. Depreciation of Chinese yuan (2.4% drop in past month to CNY 7.25/$1) affecting cross-border deals.

RAPAPORT
PRESS RELEASE

Diamond Prices Fall as Retail Slump Continues
1ct. RAPI down 2.4% in June

RAPAPORT PRESS RELEASE, July 4, 2023, Las Vegas… De Beers’ 10-year sales deal with the Botswana government was a boost for the industry. Repeated delays, reported disagreements and threats of a breakup had created uncertainty. It remains to be seen how the new contract will affect sightholders, since the new terms grant state-owned trader Okavango Diamond Company a greater share of the country’s rough.

The market slowdown continued in June as weak US retail demand put the midstream under pressure. Jewelers avoided inventory purchases, buying only for specific orders and showing a preference for memo deals. Manufacturers maintained reduced polished production levels in response to lower sales and thinner profit margins.

Dealer activity slowed amid falling prices. Synthetic diamonds also significantly damaged the natural-diamond market, especially larger sizes and engagement rings. Many of these trends were already visible in previous months but intensified during June.

The Chinese market was sluggish. The economic slowdown and depreciation of the yuan affected demand in the mainland. Trading was predictably muted at the Jewellery & Gem Asia Hong Kong show.

The RapNet Diamond Index (RAPI™) for 1-carat polished diamonds fell 2.4% in June. It stood at 6,901 on July 1 versus 7,537 at the beginning of the year. The RAPI also declined in other sizes and continued to downtrend during the first four days of July. Better-quality 0.50- and 1-carat diamond prices declined by over 23% year on year.



© Copyright 2023 by Rapaport USA Inc.
Polished inventory remained high but stable due to low production. Factories in India extended their May summer closures and kept their manufacturing volumes under control once they reopened. The number of diamonds on RapNet fell 1.5% during June, coming to 1.75 million on July 1. However, the drop in supply was not enough to offset the slump in demand.


Demand for rough diamonds above 0.75 carats was weak; cutters were focusing on smaller stones to keep factories running, since demand for smaller natural polished diamonds persisted. Petra Diamonds and Trans Atlantic Gem Sales (TAGS) canceled their June tenders due to market conditions. India’s rough imports fell 19% year on year to $1.17 billion in May, the country’s Gem & Jewellery Export Promotion Council (GJEPC) reported.

Synthetic diamonds continued to impact sales of naturals in the SI1 to I2 range, as they give consumers the option of an eye-clean stone for the same cost or lower. While falling prices and margins prompted companies to leave the lab-grown sector, De Beers’ launch of lab-grown engagement rings under its Lightbox brand granted synthetics additional credibility. So did Indian Prime Minister Narendra Modi’s gift of a 7.5-carat lab-grown diamond to US First Lady Jill Biden.

The high end remains the main pocket of strength. Higher US interest rates have increased the wealth of the richest Americans. The middle and lower-income classes are limiting their spending, as the economic situation has reduced their disposable income. This in turn has reduced demand for bread-and-butter polished goods of 0.30 to 3 carats. India’s expanding domestic retail market is one of the few segments to show meaningful growth.

There was some cause for optimism: US inflation dropped to 4% in May, and the Federal Reserve decided to pause its interest-rate hikes in June. The financial markets are waiting to see whether the Fed resumes its rate increases at its next meeting on July 25 and 26.

Rapaport Media Contacts: media@rapaport.com
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976

About the RapNet Diamond Index (RAPI™): The RAPI is the average asking price in hundred $/ct. of the 10% best-priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet® (www.rapnet.com). Additional information is available at www.rapaport.com.

About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the group has more than 20,000 clients in over 120 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network; Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 400,000 carats of diamonds a year; and Rapaport Laboratory Services, providing Rapaport gemological services in India and Israel. Additional information is available at www.rapaport.com.

Martin Rapaport grants limited permission to use copyrighted data appearing in this press release in and in conjunction with journalistic copy, reporting or articles concerning diamond pricing and information in graph or data presentation format only. The following credit notice must appear alongside, underneath, or in close proximity to any use of the copyrighted data: “Used with permission of Rapaport USA, Inc. Copyright © 2023 Rapaport USA Inc. All rights reserved.”

RAPAPORT
Market Comment
July 6, 2023
News: De Beers and Botswana reach 25-year mining-rights and 10-year sales agreements. Okavango to receive 50% of Debswana goods over 10 years, and government will get opportunities to partner on high-value stones. Polished trading slow during US vacation period and with economic uncertainty. Buyer’s market, with prices falling as sellers reduce inventory. 1 ct. RAPI -2.4% in June, -23.9% year on year. Kimberley Process (KP) reports 2022 global rough production volume of 118M cts. (-1%) at $16.02B (+24%), with rough prices up; Russia exports totaled 36.7M cts. (-24%) at $3.9B (-4%), indicating impact from sanctions. Rough market quiet ahead of next week’s De Beers sight. Israel 1H polished exports -24% to $1.7B, rough imports -45% to $555M.

Fancies: Fancy-shape market slower than before but better than rounds. Longer Ovals, Pears, Radiants and Cushions fetching higher prices than shorter stones. Goods with medium and short ratios weak. Marquises improving. Demand for Cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.


United States:

Trading quiet following July 4 holiday as summer vacations start. Fancies doing better than rounds. Concerns about market decline and the impact of lab-grown diamonds. Jewelers buying on memo due to uncertainty.


Belgium:

Activity low as global demand remains weak and summer slowdown begins. Dealers waiting for post-vacation rebound. Melee supporting market; larger stones barely moving.


Israel:

Very few sales amid weak US demand. Dealers have seen their inventories lose value and are avoiding further purchases. Nice fancy shapes are pocket of strength, but supply is limited.


India:

Dealers reducing inventory as slowdown persists. Prices still declining because sellers need liquidity. Buyers making specific demands about measurements since they have many possible vendors from which to purchase. Some manufacturers sending small stones to contractors as “job work” because in-house production has become expensive. Chinese clients reportedly starting to buy. Lab-grown diamonds continue to affect market sentiment.


Hong Kong:

Seasonal summer lull continues. Steady local orders for 0.80 to 1 ct., D-H, VS diamonds. Mainland China showing some demand, but sales sluggish. Engagement-ring market supporting sector amid economic challenges across the region. Cautious optimism for September Jewellery & Gem World fair.

RAPAPORT
Market Comment

July 27, 2023
News: Weak polished demand leads to further decline in rough market. De Beers July sales -36% YOY to $410M, 1H revenue -21% to $2.8B, earnings -83% to $85M. Falling prices making for buyer’s market. US discretionary spending low. Federal Reserve raises interest rates 0.25 basis points, aiming to reduce inflation to 2% from 3% in June. American consumer confidence +6% in July, Conference Board reports. Concerns about major manufacturers going into synthetics. Antwerp shuts for summer break. Okavango July sales of $107M ($151/ct.) are its highest this year. LVMH 1H jewelry and watch revenue +11% to $6B after reopening of Tiffany NY flagship. US places sanctions on new Alrosa CEO Pavel Marinychev.

Fancies: Fancy-shape market slower than before but better than rounds. Prices dropping but not as fast as rounds. Longer Ovals, Pears, Radiants and Cushions fetching higher prices than shorter stones. Goods with medium and short ratios weak. Marquises improving. Demand for Cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.


United States:

Weak consumer spending continuing to impact trade. Jewelers missing payment deadlines. Very little demand for 0.30 to 2.99 ct. diamonds as synthetics offer shoppers lower prices, especially in 1 to 2 ct. range. Some demand for natural melee, with suppliers struggling to replace sold inventory. Orders coming in for 3 to 7 ct. rounds and elongated fancies but only in nicest makes.


Belgium:

Trading seasonally slow. Industry closing for summer. Declines in rough and polished prices denting sentiment.


Israel:

Market sluggish amid seasonal lull and weak overseas demand. Almost all diamond categories are struggling. Dealers lack confidence due to falling prices. High-end brands still buying. Suppliers trying to sell directly to jewelers, seeking better margins and bigger pool of customers.


India:

International sales very slow as US and Chinese orders remain low. Rounds barely moving. Fancies better but also seeing reduced demand. Domestic market has weakened, since few weddings take place at this time of year. Manufacturers maintaining lower production levels.


Hong Kong:

Wholesale market quiet during summer slowdown. Local economy weak. Concerns arising about mainland China demand, as post-lockdown recovery has not extended to diamonds. 0.30 to 1 ct., D-J, VS-SI goods steady and supporting the sector. Gold sales strong.

RAPAPORT
Market Comment
August 10, 2023
News: Steady jewelry trading at Mumbai IIJS show lifts sentiment amid weak global demand. Positive outlook for domestic Indian market ahead of Diwali and wedding season. Local diamond sector slow, with manufacturing limited and prices falling. High end supporting US trade as middle-income spending remains low. Retailers buying on memo. Lucara finds 1,080 ct. rough at Karowe; 2Q revenue -21% to $41M, profit -60% to $5M. Brilliant Earth 2Q sales +1% to $110M, profit -67% to $1M. May US polished imports +18% to $2.6B in first YOY increase since Sept. 2022. IGI names Tehmasp Printer CEO as Roland Lorie steps down. Martin Rapaport to lead Sierra Leone trade mission from Oct. 15 to 20. Register here.

Fancies: Fancy-shape market slower than before but better than rounds. Prices dropping but not as fast as rounds. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios weak. Marquises improving. Demand for Cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.


United States:

High-end retail still relatively strong. Wealthy shoppers buying top-quality, 3-carat and larger ovals and pears. Nice fancy shapes in short supply. Fancy-yellow diamonds moving well. Jewelers prefer memo, but high conversion rates mean dealers are making profits. Mid-market weaker due to inflation, rise in interest rates, and competition from synthetics. Larger suppliers have weathered downturn better than small wholesalers.


Belgium:

Market remains closed during summer vacation. Rough sector slow ahead of next week’s De Beers sight (August 14-1.


Israel:

Bourses quiet during summer break. Sentiment low. Dealers absent, as they have little business to handle. July polished exports fell 31% to $203.6 million; rough imports down 46% to $106 million.


India:

Busy IIJS show signals strong domestic jewelry market. Good gold sales as trade prepares for wedding season. Mostly Indian companies attending, but some overseas visitors present. Natural diamonds slow amid weak US and Chinese demand and competition from lab-grown sector. Pears and ovals supporting activity; rounds still sluggish.


Hong Kong:

Local market seasonally slow. Return of travel has reduced spending on luxury consumer goods. Mainland quiet during summer. Dealers report positive sentiment at Mumbai IIJS show. Hopes are that September Hong Kong exhibition will boost business.

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RAPAPORT
Market Comment

September 7, 2023
News: Decline in diamond prices intensifying due to high inventories. 1 ct. RAPI -4.7% in August; 0.50 ct. -8.6% in record monthly drop. Indian suppliers offering deep discounts and willing to take losses. GJEPC pushing for miners to reduce rough sales. Weak outlook for holiday season as synthetics take market share. Low expectations for Hong Kong show amid China economic slump. Industry discusses proposal for keeping Russian diamonds out of G7. GIA lays off 20% of Carlsbad employees. Gem Diamonds 1H revenue -28% to $72M, average price -21% to $1,373/ct. Martin Rapaport Webinar “Warning to the Diamond and Jewelry Trade” on Sept. 13 at 10 a.m. EDT (register here).

Fancies: Market slower than before. Prices falling, but less sharply than for rounds. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios weak. Prices of square Cushions falling amid low demand and high inventories. Marquise prices holding up following drop in supply. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and hard to sell.


United States:

Consumer market mixed ahead of holidays. Middle America’s spending still weak; high end stronger. 1 to 2 ct. diamonds slow due to competition from synthetics. 3 ct. and larger doing better. Companies can make money on new goods by buying cheap. Slowdown in India has enabled larger buyers to get better payment terms from manufacturers.


Belgium:

Morale low as prices drop and synthetics expand their market share. Demand for 1 to 4 ct. diamonds weak. Future of G7-wide sanctions on dealers’ minds as industry considers ways to sideline Russian goods.


Israel:

Activity subdued, with dealers limiting their purchases amid slow demand. Prices continue negative trend. August polished exports down 4% year on year at $260.1 million, Ministry of Economy and Industry reports.


India:

Sentiment weak amid muted sales. Polished inventories bloated despite lower production. Industry leaders planning to ask miners to reduce supply. Manufacturers continue buying rough to keep workers busy and maintain relationships with mining companies. Better-quality stones moving but at heavily discounted prices. Suppliers have low expectations for Hong Kong show, as Chinese demand has not recovered. Synthetics a constant worry.


Hong Kong:

Market steady but quiet ahead of important Jewellery & Gem World Hong Kong show (September 18 to 24). Jewelry manufacturers starting to receive some orders, but Chinese economy mostly slow. Local engagement-ring demand supporting market, with stable interest in 1 ct., D-G, VS diamonds. Shortage of eye-clean, non-BGM SIs is pushing buyers toward VS qualities. Consumers purchasing more gold than diamonds.

RAPAPORT
Market Comment
September 28, 2023
News: TRADE WARNING: DIAMOND PRICES UNDER EXTREME PRESSURE AND FALLING AS INDIAN TRADE CALLS FOR VOLUNTARY HALT OF ROUGH IMPORTS. Market waiting for De Beers’ reaction. Surat manufacturers slashing production and planning extended Diwali break. China slow, with concerns about mainland economy after real-estate giant Evergrande misses bond payment. Synthetics gaining popularity in China as shoppers shift to lower price points. Lucara terminates HB supply deal. Diamond-jewelry demand flat at $86.5B in 2022, De Beers estimates. AWDC president David Gotlib resigns. Rapaport “Warning to the Trade” webinar now online via rapaport.com/warningtothetrade.

Fancies: Fancy market slowing. Prices falling, but less sharply than for rounds. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios weak. Prices of square Cushions falling amid low demand and high inventories. Marquise prices holding up following drop in supply. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and hard to sell.


United States:

Short week with Jewish traders off Monday for Yom Kippur. Memo driving the market, as jewelers don’t want to acquire stock. Nice goods in short supply. Brown, green or milky (BGM) diamonds piling up in inventories and losing value.


Belgium:

Dealers losing money and concerned about costs. Trading very quiet amid Jewish holidays. Sluggish diamond sales at Hong Kong show, but more movement in jewelry and gemstones.


Israel:

Bourse quiet during Jewish holiday period. Activity expected to return after Oct. 8, with hope for fourth-quarter improvement.


India:

Sentiment low as companies return from slow Hong Kong show. Manufacturers under financial pressure and concerned about coming months. Polished production declining. Trade organizations ask factories to protect workers during two-month voluntary rough-import freeze. Synthetics impacting real-diamond demand. Domestic market steady ahead of Diwali and busy wedding season.


Hong Kong:

Dealers unhappy after weak Jewellery & Gem World show. Trading slower than at March fair, with weak mainland demand for real diamonds. Chinese buyers were absent or attended only to check prices. Very few sales. Pearls and gemstones did better than diamonds. Chinese real-estate crisis causing negative market outlook.

Americká společnost WD Lab Grown Diamonds, která je druhým největším producentem syntetických diamantů ve Spojených státech, zkrachovala. Stala se tak první velkou obětí rostoucího přebytku v odvětví umělých drahokamů, uvedl list Financial Times.
Kolaps velkého producenta syntetických diamantů však může být i určitou úlevou pro těžařské firmy.
Něco podobného už bylo s korundem. Pokud se dá syntetický odlišit od přírodního, tak, tak nebude drahý. Stejné je to u kopií mincí.

Nakoľko nie je dostatočné množstvo prírodných drahokamov určitých odrôd potrebnej kvality dôležitých pre elektroniku atď., syntetickým kameňom bude venovaná stále vysoká pozornosť ohľadne výroby a zdokonaľovaniu pre ich vodivé a optické vlastnosti...

Tento segment priemyslu hoci laickej čitateľskej verejnosti sa to nemusí javiť ako potrebné pre život, ale zamestnáva mimoriadne vysoko kvalifikovaný personál.

Málokto si uvedomuje, výrobky tohto segmentu denno denne používa skoro každý.

a proto zkrachovali...

Zkrachovali proto, že vyráběli draho. Výrobu zvládly i další firmy a došlo k poklesu cen. Pro průmyslové použití je to dobrá zpráva.

Výskum a výroba syntetických diamantov hoci cez súkromné firmy bola skrytá podpora štátov hodne dlhodobo nevedeli nad carat v IF kvalite vyrobiť a stať pre svoje potreby armády potrebuje ďaleko väčšie kamienky...
Samozrejme ešte hafo iných odrôd vysokej kvality.

RAPAPORT
Market Comment

October 19, 2023
News: Industry mourns Israel bourse members and their families who were killed in Hamas attacks and ongoing war. Global trading quiet; prices continue to fall. US market preparing for holiday season. India voluntarily freezes rough imports from Oct. 15. G7 discussing options for Russian diamond ban. Rapaport to release US Diamond Protocol next week in opposition to WDC G7 Protocol. Ukraine government agency removes India’s SRK from “war sponsor” list. WD Lab Grown files for bankruptcy, estimates $44.8M in liabilities. Petra rough-tender prices -17% from previous sale. Rio Tinto 3Q production -37% to 757,000 cts. Hong Kong jeweler TSL projects $6.4M 1H loss and warns about weak China market.

Fancies: Fancy market slowing. Prices falling, but less sharply than for rounds. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios weak. Prices of square Cushions falling amid low demand and high inventories. Marquise prices holding up following drop in supply. 0.30 ct. doing well. Orders down for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and hard to sell.


United States:

Retailers preparing for holiday season, which usually starts over Thanksgiving weekend. Commercial melee prices stable for VS and SI but declining for collection (D-F, VVS) qualities. Matching-layout services seeing gradual uptick in business as more retailers request finished jewelry sets. Memo sales improving, with dealers satisfied that shipments are translating into purchases.


Belgium:

Rough market very quiet as Indians reduce buying due to import halt and festive season. Polished market slow amid buyer caution. AWDC appoints Isidore Mörsel as president. Trade preparing for G7 ban on Russian rough.


Israel:

Activity slow as industry focuses on war and shifts to working from home due to family responsibilities. Many worried about relatives serving in the army. Overseas dealers unlikely to arrive during next few weeks. Companies looking to operate internationally due to drop in domestic business.


India:

Two-month voluntary ban on rough imports began Oct. 15. Overseas sales weak. Domestic market steady amid festive season and wedding preparation. Polished production low. Factories closing for extended break during Diwali holiday period.


Hong Kong:

Consumers favoring gold over diamonds. Market very quiet despite expectations that demand would pick up after September show. More dealers and buyers showing interest in synthetic diamonds. Rebound in tourism reigniting retail business.

RAPAPORT
Market Comment
October 26, 2023
News: Rapaport US Diamond Protocol for restricting US imports of sanctioned Russian diamonds will be released Tuesday, Oct. 31, on rapaport.com/sanctions. US retailers finalizing purchases before India’s Diwali holiday, which begins Nov. 12. Weak demand at De Beers sight amid Indian freeze on rough imports. De Beers 3Q sales -19% to 7.4M cts., production -23% to 7.4M cts. Botswana president warns of growing threat from synthetic diamonds, calls them microwave diamonds.

Fancies: Fancy market slowing. Prices falling, but less sharply than for rounds. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios weak. Prices of square Cushions falling amid low demand and high inventories. Marquise prices holding up following drop in supply. 0.30 ct. doing well. Orders down for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and hard to sell.


United States:

Jewelers focusing on holiday season, with expectations for decent but not great sales. Retailers buying on memo. Round, 1 to 2 ct., H-J, SI2-I1 goods under pressure from synthetics. Fancy shapes doing better. Dealers looking for bargains as Indian manufacturers reduce prices and get ready to close for Diwali.


Belgium:

Some movement in VS and higher clarities; SIs weak. Fancy shapes stable. Demand focusing on 3X goods with no fluorescence. Rough sector slow. Traders hope India’s two-month moratorium on rough imports will help global market.


Israel:

Bourse quiet amid Gaza war. Small companies struggling. Market slow and prices falling. Industry members mourning relatives and friends lost in Hamas terror attacks and ongoing fighting.


India:

Surat factories preparing to shut for Diwali, but sales offices likely to remain open. Some orders for VVS and VS goods following price drop. Domestic consumers supporting market during wedding and festive season. Sentiment weak as sellers reduce prices to close deals. Lab-grown impacting demand for natural diamonds


Hong Kong:

Market quiet as regional economy remains weak. Prices on downward trend; sales difficult. Moderate pickup in local consumer demand ahead of holidays and as government stimulates spending. Mainland demand sluggish.